Cryptocurrencies plummeted on Monday as Bitcoin lost the $100,000 foothold.
Frog-themed PEPE extended last week’s 30% dip, losing over 15% in the past 24 hours.
Moreover, large-scale investors have reduced their exposure to the meme token, sparking discussions about PEPE’s potential near-term recovery.
Crypto whales dump trillions of PEPE tokens
The altcoin exhibited a massive bearish stance as whale sell-off plunged it beneath the crucial $0.000014 barrier.
Analytics platform Lookonchain highlights substantial dumps, with many whales selling their entire holdings.
Wallet 0xfBfC…07Be sent PEPE worth approximately $6.39 million to Binance in the past couple of hours.
Another substantial transaction saw a player moving 325.5 billion tokens (worth about $4.9 million) to the exchange over the past day.
Also, address 0Xc7ac…BE36, transferred PEPE worth around $1.98 million (140.83 billion) to Binance.
Meanwhile, wallet 0xb1a2…6731 began the trend after swapping over 200 billion PepeCoin for USD Coins worth $2.85 million over the past 48 hours.
The significant whale movements have triggered speculations about PEPE’s market stability in the upcoming sessions.
Large-scale investors often dump assets poised for extended dips as they have early access to financial information.
PEPE price outlook: what’s next?
The meme token changes hands at $0.00001249 after losing more than 15% within the past day.
The massive uptick in daily trading volume reflects enormous trader activity, likely as most players reduce their holdings to avoid further losses.
PEPE has re-entered the $0.00000633 – $0.00001461 range again, suggesting further dips.
A technical outlook indicates potential declines toward the support zone at $0.00000782.
Failure to hold this foothold might intensify plunges to the range’s lower line of $0.00000633 – a 50% slide from PEPE’s current price.
The Chaikin Money Flow has plunged from 0.18 to -0.19 within the past two days, signaling faded investor trust.
The CMF highlights money entering and leaving the ecosystem. Reduced cash flow indicates reduced investor conviction about the project’s profitability.
TRUMP’s craze affects PEPE
Social media hype has been vital for PEPE’s performance and growth.
However, TRUMP and MELANIA’s release dwindled interest in the frog-themed token.
Furthermore, the swift declines by the Trump family’s tokens ruined sentiments for meme coins, attracting criticism for politician-backed cryptos.
Address activity confirms a significant dip in investor participation. New addresses declined by over 30% in the past week, while active wallets plunged 33%.
Such trends demonstrate fading retail participation, which might diminish trading activity and liquidity.
PEPE’s future will depend on broad market trends and its ability to retain existing investors.
The prevailing conditions suggest a downward continuation for the meme token, with $0.00000633 as the potential bearish target.
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